FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies

FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies
16.10.2017 10:27 am

FidentiaX Introduces World's 1st Marketplace for Tradable Insurance Policies

Insurance

Fintech start-up fidentiaX is in the developmental phase of creating the world's first marketplace for tradable insurance policies by disrupting the status quo by empowering policyholders to monetise policies on the blockchain. fidentiaX will also be setting up fidentiaX Open Source Foundation (fSOF) to proliferate the embracing of blockchain technology for the insurance industry.

In 2016 alone, the total market size for insurance premiums in the 40 OECD reporting countries was estimated to be in the north of $3.86 trillion dollars and Asia is projected to the be fastest-growing market for life insurance with an estimated real annual compounded growth rate of 10.2%.

The tradable insurance market is faced with inefficiencies such as:

Lack of awareness – Policyholders are unaware that policies are tradable assets which could be sold in the open market for a higher value. In 2015, out of the US$112 billion worth of policies surrendered in the U.S., US$57 billion (estimated 250,000 policies) could be resold.

No Recognizable Marketplace – The lack of a recognizable marketplace makes it challenging for sellers and buyers to connect.

Dependency on 3rd party – In the rare occasion where seller and buyer actually connects, parties need to place trust on a 3rd party to effect the transaction.

fidentiaX's marketplace will be a membership-based ecosystem focusing on the key stakeholders and providing the following services:

Policy ledger – Break traditional reliance on intermediaries by creating a digital ledger for policyholders.

Trustless Marketplace – Provides a platform for buyers and sellers to connect and trade policies via the blockchain.

fidentiaX will focus on building its operations within Asia before executing its global expansion strategy. Key countries within Asia are Hong Kong, Japan, Korea, Malaysia and Singapore.

To learn more, please visit fidentiaX's official website at https://www.fidentiax.com and stay updated on their Crowd Token Contribution launch announcement by subscribing to their mailing list. Stay connected through their social channels:

Related News

World Finance Global Insurance Awards 2017

The insurance industry is in a state of flux. For one, it's adapting to a new era of risk, in which a cyber attack could be as economically damaging as a hurricane. On top of... Read more »

GFMI to Host the 2nd Edition Insurance and Pension Asset Allocation Conference on February 26-28, 2018 in New York, NY

This 2nd Edition GFMI conference will help insurers and pension providers to develop competitive asset management strategies to enhance the profitability of their investment... Read more »

QIC chooses Sequel to deliver a single global risk exposure platform

Sequel, the leading insurance and reinsurance software specialist, has today announced that ... Read more »

Many Cyber Insurance Policies Will Leave Business Ransomware Victims Out of Pocket Key Costs of WannaCry and Similar Malware not Covered in Most Policies

Businesses are being warned to carefully check their cyber insurance policies and their appropriateness as many do not provide important cover for common attacks, such as the... Read more »

Zurich Reveals ‘Selfie’ App and FaceQuote to Encourage Financial planning

Leading insurer Zurich has today launched a ‘selfie’ app called FaceQuote to urge more people to think about and engage with their finances. 

FaceQuote guestimates a... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53, +44 (0) 173 261 71 47 Download Our Mobile App